Can anyone explain to me about Social Security?

[usmccharles]

This shouldnt break the rules as it isnt technically politics, but it is government i would say. 

 

I dont understand how we are forced to pay SS, i never had anyone give me a specific/legit answer other than the government says so.  The constitution also has stated that we were not to pay taxes. Etc...im sure you can find that about a lot of stuff in the constitution since its pretty old.  Anyone care to elaborate, ill rewrite this a little better when i get home. 

 

 

 

 

 

 

 

 

 

[GrimCoconut]

Taxes are an inherent aspect of our government. The constitution states we won't pay taxes without representation, which is the point of us electing representatives in congress. Taxes are perfectly constitutional.

As for social security, it's a social system in which you essentially pay for social welfare. It isn't optional because it depends on regular contributions of the employed to keep it going. This occurred as a result of the Great Depression. It encompasses many aspects of social needs, such as those with disabilities and those whose survival has exceeded a certain age.

[usmccharles]

Taxes are an inherent aspect of our government. The constitution states we won't pay taxes without representation, which is the point of us electing representatives in congress. Taxes are perfectly constitutional.

As for social security, it's a social system in which you essentially pay for social welfare. It isn't optional because it depends on regular contributions of the employed to keep it going. This occurred as a result of the Great Depression. It encompasses many aspects of social needs, such as those with disabilities and those whose survival has exceeded a certain age.

makes sense on the Constitution explanation.

As far as the social security. I know there is more to it than what you get when you retire, but paying into something for other people when it's projected to be gone by the time I would withdrawal seems a little... Off balance. Maybe I should become a member of the clergy just do I don't have to pay ss

[BirdWatcher]

That "it's going to be gone" is pretty much a debunked myth. Those paying now WILL be able to collect when their time comes.

[usmccharles]

That "it's going to be gone" is pretty much a debunked myth. Those paying now WILL be able to collect when their time comes.

any links? I've read numerous articles stating that it's going to me depleted by a certain time. I also read something about how they will pull money from somewhere else but it will pay out fractions of the original plan. I'll have to look for the link

[BirdWatcher]

Try this, a nice explanation of SS.

http://www.businessinsider.com/20-stats-about-social-security-in-2016-2016-1?utm_source=feedburner&utm_medium=referral

[BirdWatcher]

Also http://www.dailyfinance.com/2012/10/15/5-huge-myths-about-social-security/ debunks some myths about it.

Instead of searching for "is social security going broke", try "social security not going broke".

[descent into the maelstrom]

paying into something for other people when it's projected to be gone by the time I would withdrawal seems a little... Off balance. Maybe I should become a member of the clergy just do I don't have to pay ss

 

Not trying to slam you here - I just found humor that this could be paraphrased as, "social security helps others. Maybe I should become a member of the clergy just so I don't have to help others."  

[usmccharles]

Not trying to slam you here - I just found humor that this could be paraphrased as, "social security helps others. Maybe I should become a member of the clergy just so I don't have to help others."

if you don't believe in a way a system is... Would you want to follow it. But as stated above, I need to be more informed, hence asking the questions.

[usmccharles]

Try this, a nice explanation of SS.

http://www.businessinsider.com/20-stats-about-social-security-in-2016-2016-1?utm_source=feedburner&utm_medium=referral

this was kind of what I was talking about.

"The trust funds will run out of money entirely in 2034.After the funds run out, money flowing in to the program will be enough to cover approximately three-quarters of promised benefits."

[BirdWatcher]

this was kind of what I was talking about.

"The trust funds will run out of money entirely in 2034.After the funds run out, money flowing in to the program will be enough to cover approximately three-quarters of promised benefits."

Which means one or more things will change.

Taxes will be increased or benefits will be reduced in some cases, or both. Currently there is no alternate means test for SS retirement benefits. I expect to see a reduction in benefits for the truly wealthy at some point.

[Willbacker]

Which means one or more things will change.

Taxes will be increased or benefits will be reduced in some cases, or both. Currently there is no alternate means test for SS retirement benefits. I expect to see a reduction in benefits for the truly wealthy at some point.

Retirement age could very well be raised too.

 

@Usmccharles. I don't know exactly how the army works but always put the % that a company matches into 401k since this is considered ​free money. If you have Roth options put whatever other % you want to contribute into this(this is after tax the other is before tax) since earnings are tax free. Social security by itself is just not enough to sustain lifestyle no more. Its more like a supplement.

[GrimCoconut]

Retirement age could very well be raised too.

 

@Usmccharles. I don't know exactly how the army works but always put the % that a company matches into 401k since this is considered ​free money. If you have Roth options put whatever other % you want to contribute into this(this is after tax the other is before tax) since earnings are tax free. Social security by itself is just not enough to sustain lifestyle no more. Its more like a supplement.

Not trying to be a jerk, but USMC probably means he's a Marine, which is entirely different from a Soldier (Army). I'm in the Army. Again, not trying to be a jerk, but I wouldn't want someone calling me a sailor. It's just a thing. Lol, I hope you don't take any offense. I do agree, however, about the 401k business if the employer matches.

 

Roth vs. Traditional is an interesting debate. In my experience, it depends on the amount of money you expect to have come retirement. Roth isn't always the best option for people because some people won't make enough after retirement to truly worry about the taxes. 

[Willbacker]

Not trying to be a jerk, but USMC probably means he's a Marine, which is entirely different from a Soldier (Army). I'm in the Army. Again, not trying to be a jerk, but I wouldn't want someone calling me a sailor. It's just a thing. Lol, I hope you don't take any offense. I do agree, however, about the 401k business if the employer matches.

 

Roth vs. Traditional is an interesting debate. In my experience, it depends on the amount of money you expect to have come retirement. Roth isn't always the best option for people because some people won't make enough after retirement to truly worry about the taxes. 

Whoops. Sorry. I do know better. Just wasn't thinking.

[usmccharles]

Retirement age could very well be raised too.

 

@Usmccharles. I don't know exactly how the army works but always put the % that a company matches into 401k since this is considered ​free money. If you have Roth options put whatever other % you want to contribute into this(this is after tax the other is before tax) since earnings are tax free. Social security by itself is just not enough to sustain lifestyle no more. Its more like a supplement.

At my current job i do have a matched 401k, but its only up to 2%, but better than nothing

 

Not trying to be a jerk, but USMC probably means he's a Marine, which is entirely different from a Soldier (Army). I'm in the Army. Again, not trying to be a jerk, but I wouldn't want someone calling me a sailor. It's just a thing. Lol, I hope you don't take any offense. I do agree, however, about the 401k business if the employer matches.  Nailed it

 

Roth vs. Traditional is an interesting debate. In my experience, it depends on the amount of money you expect to have come retirement. Roth isn't always the best option for people because some people won't make enough after retirement to truly worry about the taxes. 

Most likely i wont ever have a roth, but i do want to start investing more